Buzzfeed Sells Complex To NTWRK, Prompting Massive Layoffs: Report

After Pitchfork was condensed to GQ Magazine, Complex is the next music publication website to be sold in this recent era of media companies restructuring.

Reportedly, Complex has been acquired by NTWRK for more than $100 million, which prompts a wave of layoffs from the company.

Buzzfeed Sells Complex To NTWRK

Deadline reported the said acquisition, which costs around $108.6 million in cash, including the $5.7 million New York City Office space, severance, and other employee costs. Complex reportedly sold itself in a SPAC deal in 2021 but was only made public recently.

According to the publication, Buzzfeed sold Complex to "enhance its profitability" and allow more focus for their remaining channels - Buzzfeed, HuffPost, First We Feast, and Tasty.

"The sale of Complex represents an important strategic step for BuzzFeed Inc. as we adapt our business to be more profitable, more nimble, and more innovative." Jonah Peretti said in a statement. "This is also an opportunity to unlock greater value for the Complex brand by combining it with NTWRK's expansive, commerce-driven business."

Buzzfeed, Vice, Complex, and Pitchfork, the “big winners” of the zero interest online journalism boom, all had huge audiences, did good journalism, excelled at video, launched franchises, had millions of social followers, and success in live activations. All on life support now.
— D I M A S (@Milkman__Dead) February 22, 2024

However, this acquisition seemed to have pushed Complex to a better bay as Billboard reported that this would merge the company to a new entity that caters to "superfan" culture.

"This partnership will give our artists access to a dynamic network to deepen connections with superfans through unique collaborations and cultural moments," said Janick in a statement. "We share a collective vision on how D2C, experiential, brand partnerships and content are mutually reinforcing cornerstones of the fan experience. We will continue to sign and elevate new generations of great talent and we believe that we can best serve these artists through a holistic set of capabilities."

Since Complex also covers streetwear and sports, NTWRK plans to integrate an e-commerce platform along with it.

"Aaron Levant, along with Jamie Iovine and Gaston Dominguez-Letelier, are building an incredible platform and this acquisition will exponentially accelerate its growth," Jimmy Iovine said in a statement. "Combining the power and reach of Complex with the NTWRK engine serving creators across music, fashion and art will be transformative for the next generation of consumer technology."

Complex Axes 17% Of Its Workforce

Sadly, Complex's buyout caused a massive "restructuring" in their workforce, laying off 16% of their overall workforce which would bring them $23 million a year, Billboard reports.

This layoff came on the heels of Warner Music Group also laying off 600 people last year, announcing the sale of HipHopDX and Uproxx, also music media publications.